Crouch v. Gray

Wautauga Ice Cream Company was duly incorporated in this State in August, 1921, with a capital stock fixed in the charter at $12,000. After organization and election of officers a creamery plant, formerly owned and operated by one of them, was acquired hy the corporation at an agreed valuation of $6000, in exchange and payment for an equivalent amount of the capital stock. The record shows that the plant property so acquired was needed for the corporate business and that it was not reasonably valued. The defendant was one of the incorpora-tors, and at the time of the filing of this bill a…